Barclays will shift 2.3 million savers on to a new Isa product with two-thirds of them getting a worse interest rate.
In November, the bank is closing 11 of its cash Isas, which are already closed to new customers, and switching customers to its Instant Cash Isa. This will leave 1.6 million savers on a worse interest rate than their current product, with 740,000 on the same or a better rate. The bank said it had been urged to simplify its range of Isas. "These changes will make it easier for our customers to understand their products and easier for staff to serve them," said Lee Chiswell, head of savings at Barclays. "We are writing to all impacted customers to let them know how these changes will affect them, and we have worked with our colleagues to ensure they can support customers who have any questions about these changes."....Read more here